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Dividends normally carry a balance and are shown in the Debit Statement of stockholders equity

Dividends normally carry a _______ balance and are shown in the ______________.

a. Debit; Statement of stockholders’ equity.

b. Debit; Income statement.

c. Credit; Balance sheet.

d. Debit; Balance Sheet.

 

 

96. Expenses normally carry a _______ balance and are shown in the ______________.

a. Debit; Statement of stockholders’ equity.

b. Debit; Income statement.

c. Credit; Balance sheet.

d. Debit; Balance Sheet.

 

 

97. Liabilities normally carry a _______ balance and are shown in the ______________.

a. Debit; Statement of stockholders’ equity.

b. Debit; Income statement.

c. Credit; Balance sheet.

d. Debit; Balance Sheet.

 

 

98. Which of the following accounts has a debit balance?

a. Accounts Payable.

b. Unearned Revenue.

c. Service Revenue.

d. Salaries Expense.

 

 

99. Which of the following accounts would normally have a credit balance?

a. Accounts Payable, Service Revenue, Common Stock.

b. Salaries Payable, Unearned Revenue, Delivery Expense.

c. Income Tax Payable, Service Revenue, Dividends.

d. Cash, Repairs and Maintenance Expense, Dividends.

 

 

100. Which of the following accounts would normally have a debit balance?

a. Accounts Payable, Service Revenue, Common Stock.

b. Salaries Payable, Unearned Revenue, Utilities Expense.

c. Income Tax Payable, Service Revenue, Dividends.

d. Cash, Delivery expense, Dividends.

 

 

101. Which of the following accounts would normally have a debit balance and appear in the balance sheet?

a. Accounts Receivable.

b. Unearned Revenue.

c. Salaries Expense.

d. Dividends.

 

 

102. Which of the following accounts has a credit balance?

a. Salaries Expense.

b. Income Tax Payable.

c. Land.

d. Prepaid Rent.

 

 

103. The following statements pertain to recording transactions. Which of them are true?

I. Total debits should equal total credits.

II. It is possible to have multiple debits or credits in one journal entry.

III. Assets are always listed first in journal entries.

IV. Some journal entries will have debits only.

a. I only.

b. I and II.

c. I, II, and IV.

d. II, III, and IV.

 

 

104. Which of the following is not a possible journal entry?

a. Credit assets; Debit expenses.

b. Debit assets; Debit stockholders’ equity.

c. Credit revenues; Debit assets.

d. Debit expenses; Credit liabilities.

Jan 27 2020 View more View Less

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